China's Excavator Sales in May Down 24% Year-on-Year Due to Real Estate Slump
[Asia Economy Reporter Yu Je-hoon] Excavator sales in China have declined for 13 consecutive months. This is attributed to the sluggish construction market and the resurgence of COVID-19.
According to the China Construction Machinery Industry Association on the 11th, last month’s excavator sales in China amounted to 20,624 units, a 24.2% decrease compared to the same period last year.
Domestic sales dropped 44.8% year-on-year to 12,179 units, while exports increased by 63.9% to 8,445 units. The overall sales decline rate has significantly improved compared to the 47-53% decrease seen in March and April. This is due to the lifting of lockdowns in major regions of China caused by COVID-19.
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Local media interpret this as a phenomenon resulting from delays in various developments and a downturn in the real estate market due to the impact of COVID-19. According to the National Bureau of Statistics of China, real estate sales from January to April this year fell 29.5% year-on-year, and new housing prices have also declined for eight consecutive months.
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